Bitcoin Production Plummets: Hut8 Suffers 30% Drop in Q1

Key Points:

• Bitcoin miner Hut 8’s mined BTC declined 30% in Q1 2023.
• The Canadian firm sold 240 BTC in April.
• Hut8 holds 9,133 BTC in reserve for publicly-traded companies.

In Q1 2023, Canadian Bitcoin mining company Hut 8 experienced a decline of 30% in mined BTC.

The company’s production rate fell from 188 BTC in January to 131 BTC in March. Despite the decline, Hut 8 still managed to produce 475 BTC during the quarter. Additionally, the company’s realized hashrate decreased from 1.72 to 1.44, according to data from theminermag.

In April, Hut 8 sold 240 BTC, which included all of its February production and part of its March production. The company has a reserve of 9,133 BTC, which is one of the largest amounts of self-mined Bitcoin held by publicly-traded companies.

Despite the decline in production, Hut 8’s hash rate capacity for its Alberta facilities reached an impressive 2.6 EH/s by the end of the month. Furthermore, the company added 1,000 miners to its Medicine Hat site to increase the hash rate to an all-time high of 1.72 EH/s. Hut 8’s CEO, Jaime Leverton, stated that the company is currently focused on remediating the challenges at its Drumheller site in Alberta and closing the transaction with USBTC.

Although Hut 8’s stock fell 1.4% in the last 24 hours to $1.75, the stock has been up 12.18% over the past month. In fact, it is one of the best gainers among public miners, increasing 106% on a year-to-date basis. Overall, Hut 8’s performance reveals the growing demand and strength of the Bitcoin network.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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